Recently, through a private-public partnership between state agencies and the Investor-Owned Utilities in California, the State created the California Hub for Energy Efficiency Financing (CHEEF) to develop attractive financing options for homes and businesses so that more projects with deeper energy savings can be completed. We’re here to tell you more about it.

Two major programs that are helping residents and business owners achieve energy savings have resulted from the CHEEF: Go Green Financing and the Residential Energy Efficiency Loan (REEL) Program.

Go Green Financing is a State-sponsored website designed to help consumers find the best financing options available for

 their energy projects. Through Go Green Financing, consumers can use the Finance Concierge to narrow down financing options based on their project and financing criteria, browse all financing options available using the Find Financing tool, and learn how to differentiate between financing product types through the Financing Education tab. Consumers can also use the Find Financing tool to compare products, research financial institutions, contact lenders, and apply for financing.

Through the REEL Program, homeowners and renters can access lower-cost financing for energy efficiency projects by reducing the risk to participating lenders. The REEL Program reduces this risk by making available to participating lenders over $20 million in loan loss reserve funds for financing qualified projects. This allows the participating lenders to provide better rates, lower fees, or more inclusive underwriting criteria. The REEL program currently has 4 participating lenders: California Coast Credit Union, Matadors Community Credit union, Desert Valley Credit Union, and Valley Oak Credit Union and has financed over $750k in energy projects. The REEL Program can be used for upgrading clothes washers, water heaters, HVAC systems, pool pumps, lighting, windows, insulation, or installing cool roofs among other upgrades.

The REEL Program provides another option for financing energy projects and is available to all homeowners and renters living within the Investor-Owned Utilities’ service areas. The program also provides an alternative to Property Assessed Clean Energy (PACE) financing which is not available in every jurisdiction and at times is not the best option for project financing.

There are a lot of benefits to living in California; CHEEF financing options are the cherry on top. If you have any questions on Go Green Financing or the REEL Program, please contact Paul Ahrns, Climate Planning Program Director at pahrns@sierrabusiness.org.